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ITR Filing Last Date for FY 2023-24 (AY 2024-25)

Updated: May 16


ITR Filing Last Date for FY 2023-24 (AY 2024-25)
ITR Filing Last Date for FY 2023-24 (AY 2024-25)

The ITR filing last date for FY 2023-24 (AY 2024-25) is a crucial deadline for taxpayers to remember. It marks the final date for submitting your Income Tax Return to the Income Tax Department, ensuring compliance with tax regulations. Missing this deadline can lead to penalties and legal consequences, making it essential to stay informed and plan.

 

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ITR Filing Last Date for FY 2023-24 (AY 2024-25): Understanding its Importance

Understanding the last date of the ITR filing is vital for every taxpayer. Adhering to this deadline helps maintain a clean tax record and contributes to the smooth functioning of the Indian tax system. By staying updated on the ITR filing last date, taxpayers can avoid unnecessary stress, fines, and legal complications, ensuring a seamless tax filing experience.


ITR Filing Last Date for FY 2023-24 (AY 2024-25): Key Dates for ITR Filing

Individual/HUF/AOP/BOI

The standard due date for filing the Income Tax Return is 31st July 2024 for assesses whose books of accounts are not required to be audited.


Businesses Requiring Audit

The due date for filing the Income Tax Return is 31st October 2024 for business taxpayers whose accounts must be audited.


Transfer Pricing Reports

The due date for filing the Income Tax Return is 30th November 2024 for businesses requiring transfer pricing reports.


Additionally, there are several other key ITR Filing dates to keep in mind which require audit reports :

  • January 7: The due date for deductors to deposit tax deducted at Source (TDS) and Tax Collected at Source (TCS) is December 2023.

  • January 14: The last date to issue TDS certificates for TDS deducted under sections 194-IA, 194-IB, 194M and 194S is in September 2024.

  • May 30: Due date for issuing TCS certificates for the January-March 2024 quarter.

  • May 31: Last date for filing a quarterly statement of TDS deposited for the January-March 2024 quarter.

  • May 31: Due date for getting Form 10BE for any donation made in FY 2023-24 (AY 2024-25).

If you miss the ITR filing deadline, you can still file a belated return before December 31, 2024, although a penalty will be charged. For trusts whose accounts are not required to be audited, the due date to file ITR is 31st July 2024. If the accounts of the trust require audit reports,  the due date to file ITR will be 31st October 2024. If the trust must furnish a report in Form No. 3CEB u/s section 92E, the due date to file ITR will be 30th November 2024. The due date for the return filing of domestic companies for FY 2023-24 is 31st October 2024. However, if the company has any international or specified domestic transaction and is required to furnish a 3CEB u/s section 92E report, the due date to file ITR will be 30th November 2024.


For individual taxpayers who miss the ITR filing deadline, a belated return can be filed before December 31, 2024, with a penalty of up to Rs.5,000 for late filing. If the person's total income is less than Rs.5 lakh, then the fee payable is Rs.1,000. The revised return can be filed on or before the 31st of December of the relevant Assessment year if any omission or wrong statement is recognised after it is filed. An updated return can also be filed within two years from the end of the relevant Assessment year.


Consequences of Missing the ITR Filing Deadline

Failing to file your Income Tax Return (ITR) within the specified deadline can have significant consequences, including late filing penalties, interest charges, and potential loss of benefits. 

  • The Income Tax Department imposes a late filing penalty under Section 234F of the IT Act, which can amount to Rs 5,000 for taxpayers with an income above Rs 5 lakh and Rs 1,000 for those with an income below Rs 5 lakh.

  • In addition to the late filing fee, interest is charged under Section 234A at 1% per month or part thereof on tax due until the payment of taxes. The interest calculation starts from the date immediately after the due date, leading to a higher accumulation of interest with longer delays.

  • Late filing of ITR can also result in the forfeiture of specific deductions and the inability to carry forward losses, impacting businesses' tax planning and overall financial management.

  • Furthermore, late or non-filing of ITR can be perceived as an attempt to evade taxes, exposing businesses to severe penalties and potential prosecution under Section 270A and Section 276CC of the IT Ac.

  • For individual investors, failing to report foreign assets and income in Schedule FA can lead to penalties of up to INR 1 million and the possibility of rigorous imprisonment for six months to seven years.

To avoid these consequences, filing your ITR within the specified deadline is crucial. If you miss the deadline, filing a belated return is an option, but it comes with its penalties and financial implications. Staying proactive and ensuring timely compliance with tax filing requirements can help avoid unnecessary complications.


Benefits of Timely ITR Filing

There are many benefits of ITR filing on time, such as facilitating loan approvals and ensuring quicker refunds, which are given below:

  • High Life Insurance Cover: Timely ITR filing can enable you to secure a substantial life insurance policy, as insurance providers may require ITR as proof of financial transparency.

  • Faster Loan Processing: Banks often request the last three years' ITR filings for loan applications, facilitating quicker approval and evaluation of financial status and loan repayment capacity.

  • Third-Party Accidental Claims: ITR proofs are typically needed by insurance companies for accident claims, ensuring a smoother claims process and potentially avoiding claim denials.

  • Quicker Visa Applications: Submitting recent tax returns is essential for visa applications, demonstrating financial stability and aiding in faster visa processing.

  • Carrying Forward Losses: Timely ITR filing allows for the carry-forward of losses to future years, reducing tax liability and ensuring compliance with tax regulations.

  • Penalty Avoidance: Filing ITR before the deadline helps avoid penalties and interest expenses, ensuring financial prudence and compliance with tax laws.

  • Legal Document for Loans: ITR serves as a mandatory document for loan approvals, providing proof of income and financial stability to significant banks


How to File Your ITR

Filing ITR online is a crucial process that ensures compliance with tax laws. Here is a step-by-step guide to help you navigate the process efficiently:

Preparing Your Documents

  1. Gather Essential Documents: Collect necessary documents like PAN card, Form 16, bank statements, investment proofs, property documents, and tax payment proofs.

  2. Access the Income Tax e-Filing Website: Visit the official Income Tax e-filing website to initiate the filing process.

Choosing the Right ITR Form

  1. Select the Appropriate Form: Choose the correct ITR form based on your source of income and residential status. Common forms include ITR-1  for salaried individuals and ITR-2 for individuals and HUFs without business income.

  2. Fill in Required Details: Enter all relevant details, including your PAN, assessment year, and filing type (original or revised return).

Submitting Your ITR

  • Mode of Filing: Opt for online filing and proceed with submitting.

  • Review and Verify: Ensure all information is accurate, review your tax liability, and confirm tax payments.

  • Verification: Verify your ITR electronically using options like Aadhaar OTP, Net Banking, or Electronic Verification Code (EVC)


FAQs

Q1. What is the last date for ITR filing for FY 2023-24 (AY 2024-25)?

The last date to file ITR for FY 2023-24 (AY 2024-25) without a late fee is 31st July 2024.


Q2. What are the penalties for late ITR filing?

Penalties for late ITR filing include a fee of up to Rs.5,000 for filing belated returns and a levy under sections 234A and 234F for filing returns after the due date.


Q3. Can I file an ITR after the deadline?

Yes, you can file a belated return on or before 31st December of the assessment year. However, a penalty for late filing will be charged:


Q4. How do I choose the correct ITR form?

Choose the correct ITR form based on your source of income, residential status, and whether your accounts require auditing.


Q5. What are the benefits of filing an ITR on time?

Benefits of filing ITR on time include quicker loan approvals, faster visa applications, and carrying forward losses to future years.


Q6. How can I file my ITR online?

File your ITR  online by accessing the Income Tax e-Filing website, selecting the appropriate ITR form, and submitting your details and income information.


Q7. What documents are needed for ITR filing?

Documents needed for ITR filing include PAN card, Form 16, bank statements, investment proofs, property documents, and tax payment proofs.


Q8. Can I revise my ITR after submission?

You can revise your ITR after submission within the relevant assessment year.


Q9. What is the difference between a belated return and a revised return?

A belated return is filed after the original deadline, while a revised return is filed to correct errors or omissions in a previously filed return.


Q10. How do advance tax payments affect ITR filing?

Advance tax payments must be made in instalments throughout the financial year, and the final instalment is due by 15th March of the relevant assessment year.


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